Listing Date: 06.11.1991
Market: MAIN
Sector: PLANTATION
Par Value: 1.00
Major Industry: Food & Beverages
Sub Industry: Miscellaneous Food
Kurnia Setia Berhad (KSB) is a Malaysia-based company engaged in the cultivation of oil palms, sale of fresh fruit bunches and other related products. The Company is organized into three major business segments. The Plantation segment is engaged in the cultivation of oil palms, and sale of fresh fruit bunches and other related products. The Construction and Property Development segment is involved in building construction, general construction and property development. The Trading segment is engaged in general trading activities. On January 8, 2008, the Company acquired Kurnia Setia Land Sdn. Bhd. (formerly known as Inland Residences Sdn. Bhd.). On January 16, 2008, the Company had acquired Alur Cemerlang Sdn. Bhd. (formerly known as Puncak Pengkalan Sdn. Bhd.).
My decison: NOT BUY
Reason: Privatisation at RM2.7
My study based on 2009 Q3 report (number in '000):
- ROE compare to last Q increased 0.92% to 3.15% but lower than last year 1.58%
- Revenue compare to last Q growth 24.37% to 33113 and profit also growth 43.51% to 9094 because the production of FFB is 65,106 metric ton in the current quarter, compared to 46,247 metric ton in preceding quarter; As compare to last year revenue drop 21.78% and profit also drop 29.72%, mainly due to the decrease in Crude Palm Oil (CPO) prices, which averaged at RM3,243 per metric ton in the previous year’s financial period, to RM2,243 per metric ton and dropped of FFB from 160498 metric ton to 153644 metric ton
- Equity compare to last Q increased 1.82% to 288806, assets increased 1.73% to 365367 and liabilities also increased 1.37% to 76561; As compare to last year equity increased 5.58%, assets increased 7.16% and liabilities also increased 13.61%
- Got FCF 4605, NCF -3023
- Profit margin compare to last Q increased 3.66% to 27.46% but lower than last year 3.11%
- DE compare to last Q decreased 0.0012 to 0.2651 but compare to last year increased 0.0187
- No dividend proposed
- My estimate next 4Q eps after 2009 Q3 result announced = 0.0826*4 = 0.3304, estimate PE on current price 2.6 = 7.72 (DPS 0.05)
- From date 2009-08-20 to 2009-11-25 after 2009 Q2 result announced, highest price on 2009-09-24 was 2.64 and lowest price on 2009-11-13 was 2.58. Estimate next 4Q eps = 0.0586*4 = 0.2344, estimate highest/lowest PE = 11.05/10.79 (DPS 0.05)
- From date 2009-05-28 to 2009-08-19 after 2009 Q1 result announced, highest price on 2009-07-10 was 2.68 and lowest price on 2009-05-28 was 2.18. Estimate next 4Q eps = 0.0596*4 = 0.2384, estimate highest/lowest PE = 11.03/8.72 (DPS 0.05)
- From date 2009-02-26 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-25 was 2.19 and lowest price on 2009-03-16 was 1.84. Estimate next 4Q eps = 0.0277*4 = 0.1108, estimate highest/lowest PE = 19.31/16.16 (DPS 0.05)
- Divident in sen 2008 = 0.15 (proposed 5 sen after Q4 and 10 sen after Q2), 2007 = 0.125 (proposed 7.5 sen after Q4 and 5 sen after Q2), 2006 = 0.06 (proposed 6 sen after Q4)
| year | qrt | RM | roe | c_roe | rev | c_rev | prof | c_prof | eps | c_eps | asset | liab | mino | equi | cfo | cfi | cff | cash | fcf | net | final | share | c_share | market | date | prof_m | pe | de | aps | vat |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 3 | 2.62 | 0.0315 | 0.0751 | 33113 | 77699 | 9094 | 21700 | 0.0826 | 0.1971 | 365367 | 76561 | 2526 | 288806 | 15946 | -11341 | -7628 | 95951 | 4605 | -3023 | 92928 | 110096 | 110096 | 288451 | 2009-09-30 | 0.2746 | 0.0 | 0.2651 | 3.3186 | 0.3739 |
| 2009 | 2 | 2.66 | 0.0223 | 0.0444 | 26624 | 44586 | 6337 | 12606 | 0.0586 | 0.1167 | 359156 | 75524 | 1953 | 283632 | 2587 | -5430 | -1589 | 95951 | -2843 | -4432 | 91519 | 108061 | 108061 | 287442 | 2009-06-30 | 0.238 | 0.0 | 0.2663 | 3.3236 | 0.2553 |
| 2009 | 1 | 1.86 | 0.0227 | 0.0227 | 17962 | 17962 | 6269 | 6269 | 0.0596 | 0.0596 | 347238 | 71270 | 1801 | 275968 | 55 | -1339 | -1524 | 95951 | -1284 | -2808 | 93143 | 105193 | 105193 | 195658 | 2009-03-31 | 0.349 | 0.0 | 0.2583 | 3.301 | 0.2382 |
| 2008 | 4 | 1.5 | 0.0097 | 0.1771 | 23383 | 145141 | 2627 | 47734 | 0.0277 | 0.5026 | 344387 | 74847 | 1643 | 269540 | 48414 | -6527 | 26903 | 27143 | 41887 | 68790 | 95933 | 94970 | 94970 | 142455 | 2008-12-31 | 0.1123 | 2.9844 | 0.2777 | 3.6263 | 0.0245 |
| 2008 | 3 | 1.8 | 0.0473 | 0.1649 | 42331 | 121758 | 12939 | 45107 | 0.1358 | 0.4733 | 340944 | 67391 | 1484 | 273553 | 41853 | -2222 | 26221 | 27143 | 39631 | 65852 | 92995 | 95294 | 95303 | 171529 | 2008-09-30 | 0.3057 | 0.0 | 0.2464 | 3.5778 | 0.3429 |
| 2008 | 2 | 2.48 | 0.0613 | 0.1206 | 43842 | 79427 | 16341 | 32168 | 0.1714 | 0.3374 | 351258 | 84568 | 1990 | 266690 | 31626 | -1023 | 34338 | 27143 | 30603 | 64941 | 92084 | 95336 | 95336 | 236433 | 2008-06-30 | 0.3727 | 0.0 | 0.3171 | 3.6844 | 0.2829 |
| 2008 | 1 | 2.18 | 0.0746 | 0.0746 | 35585 | 35585 | 15827 | 15827 | 0.2091 | 0.2091 | 291008 | 78743 | 1183 | 212265 | 12044 | -213 | -1166 | 27143 | 11831 | 10665 | 37808 | 75682 | 75682 | 164986 | 2008-03-31 | 0.4448 | 0.0 | 0.371 | 3.8451 | 0.2646 |
| 2007 | 4 | 2.72 | 0.0500 | 0.1634 | 32851 | 103318 | 9780 | 31938 | 0.1330 | 0.4343 | 263777 | 68279 | 561 | 195498 | 13401 | -1072 | 1532 | 13282 | 12329 | 13861 | 27143 | 73541 | 73541 | 200031 | 2007-12-31 | 0.2977 | 6.2631 | 0.3493 | 3.5868 | 0.2901 |
| 2007 | 3 | 2.72 | 0.0708 | 0.1185 | 35721 | 70467 | 13243 | 22158 | 0.1804 | 0.3018 | 261107 | 74164 | 70 | 186943 | 14312 | -1360 | 5816 | 13282 | 12952 | 18768 | 32050 | 73409 | 73419 | 199672 | 2007-09-30 | 0.3707 | 0.0 | 0.3967 | 3.5569 | 0.3068 |
| 2007 | 2 | 2.55 | 0.0406 | 0.0504 | 22157 | 34746 | 7176 | 8915 | 0.0977 | 0.1214 | 248077 | 71243 | 0 | 176834 | -2381 | -663 | 11535 | 13282 | -3044 | 8491 | 21773 | 73426 | 73426 | 187236 | 2007-06-30 | 0.3239 | 0.0 | 0.4029 | 3.3786 | 0.248 |
| 2007 | 1 | 2.28 | 0.0112 | 0.0112 | 12589 | 12589 | 1739 | 1739 | 0.0254 | 0.0254 | 228852 | 73549 | 0 | 155303 | -2381 | -663 | 11535 | 13282 | -3044 | 8491 | 21773 | 68515 | 68515 | 156214 | 2007-03-31 | 0.1381 | 0.0 | 0.4736 | 3.3402 | 0.2501 |
| 2006 | 4 | 1.91 | 0.0093 | 0.0581 | 16482 | 56692 | 1428 | 8902 | 0.0208 | 0.1295 | 224381 | 71095 | 0 | 153286 | 16969 | -2631 | -5679 | 4623 | 14338 | 8659 | 13282 | 68739 | 68739 | 131291 | 2006-12-31 | 0.0866 | 14.7485 | 0.4638 | 3.2642 | 0.4771 |
| year | qrt | Biological assets (A-0) | Land held for property development (A-0) | Other investments (A-0) | Prepaid lease payments (A-0) | Property, plant and equipment (A-0) | Quoted investment (A-0) | Cash and cash equivalents (A-1) | Inventories (A-1) | Marketable securities (A-1) | Property development costs (A-1) | Trade and other receivables (A-1) | Deferred tax liabilities (L-0) | Employee benefits (L-0) | Loans & borrowings (L-0) | Current tax liabilities (L-1) | Loans & borrowings (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 3 | 57204 | 30641 | 5 | 106089 | 23140 | 642 | 92928 | 4638 | 1937 | 32539 | 15604 | 35362 | 1857 | 16203 | 447 | 5388 | 17304 | 2526 |
| 2009 | 2 | 54930 | 30641 | 5 | 105106 | 22571 | 863 | 91519 | 4220 | 1937 | 27644 | 19720 | 34990 | 1857 | 17599 | 187 | 5265 | 15626 | 1953 |
| 2009 | 1 | 53552 | 30641 | 5 | 105695 | 21725 | - | 93143 | 2731 | 1937 | 22750 | 15059 | 34821 | 1857 | 18718 | 134 | 5077 | 10663 | 1801 |
| 2008 | 4 | 52729 | 30641 | 5 | 106054 | 20998 | - | 95951 | 1727 | 1937 | 20812 | 13533 | 34879 | 1911 | 19954 | 102 | 4953 | 13048 | 1643 |
| 2008 | 3 | 51180 | - | 5 | 135745 | 21143 | - | 92995 | 3046 | 4693 | 17425 | 14712 | 39511 | 1651 | 8241 | 2469 | 5014 | 10505 | 1484 |
| 2008 | 2 | 50834 | - | 5 | 136227 | 20241 | - | 92726 | 3345 | 6693 | 10553 | 30634 | 39655 | 1759 | 8647 | 7212 | 4909 | 22386 | 1990 |
| 2008 | 1 | 50803 | - | 5 | 136712 | 20068 | - | 37808 | 2553 | 14693 | 6090 | 22276 | 39813 | 1759 | 8964 | 5016 | 4331 | 18860 | 1183 |
| 2007 | 4 | 51711 | - | 5 | 137215 | 19523 | - | 27143 | 434 | 14693 | 4745 | 8308 | 40005 | 1759 | 9984 | 1591 | 4320 | 10620 | 561 |
| 2007 | 3 | 51036 | - | 5 | 137692 | 11593 | - | 32755 | 1325 | 277 | 2207 | 24217 | 40588 | 1440 | 10580 | 4775 | 5373 | 11408 | 70 |
| 2007 | 2 | 51842 | - | 5 | 138169 | 12093 | - | 22472 | 931 | 277 | 1467 | 20821 | 40725 | 1440 | 12449 | 2022 | 5367 | 9240 | |
| 2007 | 1 | 52112 | - | 5 | 138677 | 12179 | - | 16081 | 1528 | 277 | 1031 | 6962 | 40889 | 1594 | 13401 | 428 | 5907 | 11330 | |
| 2006 | 4 | 52515 | - | 5 | 139160 | 12431 | - | 13282 | 868 | 277 | 1031 | 4812 | 41067 | 1650 | 14539 | 606 | 4740 | 8493 |
| year | qrt | Revenue/Interest income | Income tax expense | Cost of sales/Interest expense | Finance costs/income | Minority interest |
|---|---|---|---|---|---|---|
| 2009 | 3 | 33113 | -5430 | -17730 | -286 | -573 |
| 2009 | 2 | 26624 | -2173 | -17646 | -316 | -152 |
| 2009 | 1 | 17962 | -1960 | -9226 | -349 | -158 |
| 2008 | 4 | 23383 | -66 | -20828 | 297 | -159 |
| 2008 | 3 | 42331 | -6751 | -20883 | -1248 | -510 |
| 2008 | 2 | 43842 | -6446 | -19102 | -1146 | -807 |
| 2008 | 1 | 35585 | -5696 | -12966 | -474 | -622 |
| 2007 | 4 | 32851 | -3997 | -18143 | -440 | -491 |
| 2007 | 3 | 35721 | -5861 | -15910 | -637 | -70 |
| 2007 | 2 | 22157 | -2367 | -12143 | -471 | |
| 2007 | 1 | 12589 | -580 | -9797 | -473 | |
| 2006 | 4 | 16482 | -1303 | -13316 | -435 |
1-Year Historical Daily Chart
5-Year Historical Weekly Chart
No comments:
Post a Comment